Obama wants to eliminate industrial banks (Utah)

sltrib.com ^ | 6/19/09 | Steve Overbeck

[Nachum]

Utah's industrial banking industry has a new and formidable enemy -- President Barack Obama.

As part of the president's plan for regulatory reform of the nation's financial services industry, which was unveiled earlier this week in an 85-page white paper, Obama is calling for the elimination of industrial bank charters and wants them all shut down within five years.

If successful, the president's plan could deal a hammer blow to Utah's economy, which is the home of 25 industrial banks that employ thousands of the state's residents and hold assets valued in excess of $168 billion.

Utah's industrial banking community is upset.

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly, chief executive of EnerBank, said in a statement issued by the Utah Association of Financial Services. "We did not contribute to the current financial collapse."

[Nachum]

The list, ping

[Constitutional Patriot]

He wants to destroy these banks because he wants to destroy industry in our country. He’s the President of what country?

[madison10]

Kenya

[Extremely Extreme Extremist]

Does Obama even know what an Industrial Bank is?

[classified]

YEH! TAKE THAT ROBERT REDFORD AND THE REST OF YOU BLEEDING HEART LIBERALS with your ski chalets in Deer Valley, Charlie Gibson, Jeff Katzenberg, etc.

unfortunately the good, average people of Utah are going to suffer harder than the a$$holes above!

[Jet Jaguar]

BTTT

[Constitutional Patriot]

we really won’t know until we see a birth certificate :)

[muawiyah]

I'd guess Obama thinks most of the Industrial Banks are in Utah. That would be enough reason for him to want to shut them down.

Guy's dice rollers are definitely vindictive. Again, I doubt he can care ~ just doesn't have the mental horsepower for that sort of thing.

[Brad from Tennessee]

UTAH 2008
John McCain (R) 568,610 62%
Barack Obama (D) 317,063 35%
Chuck Baldwin (AKI) 11,421 1%
Ralph Nader (I) 8,050 1%
Bob Barr (Lib.) 6,670 1%
Cynthia McKinney 951 0%
Gloria La Riva 254 0%

[org.whodat]

The flexibility of an IB charter has made it an attractive vehicle for some large and well-known corporations. IBs offer a versatile depository charter for companies that are not permitted to, or that choose not to, become subject to the limitations of the Bank Holding Company Act or the Glass Steagall Act.

So in the short they are used to short cut the law and not play by the rules.!!! I have no problem with closing them down!!

[org.whodat]

ROFLOL, just because they use the term industrial does not mean they are actually industrial lenders.

[greyfoxx39]

What IS an industrial bank. I bank with a small community bank in Texas and now I wonder if he will close THAT down.

[MissDairyGoodnessVT]

someone (i don’t remember who) wrote a comment on FR re: Obama

“f**k a duck get rid of this assclown”

I am truly grateful for having the opportunity to quote

a most venerable FR’per

[raybbr]

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly...

Therein lies the problem. They are immune to the claws of the feds and Obama won't have it.

[Petronski]

Bloody fascists.

[Adams]

FOBAMA

[MissDairyGoodnessVT]

and there’s those old pesky home-town banks “Farmers & Mechanics”

‘wonder if buzzo can figure that out, too.

[the anti-liberal]

All these folks have to do is promise to give loans to 'minorities' who have demonstrated beyond a doubt an inability to repay, and all will be well.

Especially if they give special consideration to muslims and blacks.

[Lurker]

You’re a monster.

[broken_arrow1]

FUH-Q-OBAMA

[org.whodat]

LOL, why because I think everyone should play by the same rules. If they want federal guarantees play by the same rules as everyone else.

[GeronL]

Let me guess. These banks are too healthy and we need a crisis.

[givemELL]

He is eliminating Utah Morman financial funding for political opposition to him and his party in the coming national elections. Republicans will have a hard time in recession getting middle class support that is out of property, prosperity, credit and financing and cash flow. Mitt Romneys’ political/support base may be being attacked directly by this move. Administration wants to eliminate private enterprise financial institutions from competing with its’ growing federal empire. The entire middle class, now down $14 trillion with no end in sight, is losing the financial base for playing advocacy political roles in its very future. Political patronage is now at an unimaginable scale beyond all precedent. Obama has tried to promote Rep committee chairman to his administration simply to open their powerful Congressional posts to Dem acquisition.
THere is more to this industrial bank elimination than meets the eye....for example, what does their political contribution record for the last 30 years look like?

[GeronL]

They obey the laws and rules that the government put on Industrial Banks. The reason he wants them gone is that they are too healthy.

[khnyny]

Ding, ding, ding, we have a winner.

[org.whodat]

ROFLOL, is your tin foil hat on two tight!!

[1010RD]

"We did not contribute to the current financial collapse."

Obama: "Exactly why we need you gone."

[Brilliant]

He might as well. He’s eliminated industry, so they are kind of pointless at this juncture.

[arthurus]

Utah is regarded as a Republican state. Hussein is the personification of Chicago politics. QED. Look at what happened to Republicans with Chrysler dealerships.It is just SOP in Chicago. The whole country is being run that way now.

[1010RD]

The reason the depression became the Great Depression wasn't due to market forces, but do to uncertainty imposed by nearly daily changes in government policy and procedure.

No one could plan or invest. Nothing was safe.

Anyone note similarities in Obama’s planning to date?

[ChrisInAR]

Neither do I...this is the 1st time I have ever heard of the phrase.

[ChrisInAR]

Not only that, but remember that Utah is a heavy GOP state....could that have anything to do w/ it?

[CharlesWayneCT]

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly, chief executive of EnerBank, said in a statement issued by the Utah Association of Financial Services. "We did not contribute to the current financial collapse."

Which is why Obama needs them gone. He can't take over banks that don't fail.

[TYVets]

Not only that, but remember that Utah is a heavy GOP state....could that have anything to do w/ it?

Bill Clinton got his revenge against the citizens of Utah by creating Grande Escaldrill National Monument. Locking up one of the two best locations in the world of coal. This "creation" was also a political payoff to James Ridoty who owned the other coal location in Indonesia.

Why did Clinton want revenge? Voters in EVERY county in Utah voted against him in 1992.

Why would 0bama want revenge? Voters in Utah voted against him 2 to 1 in 2008.

Clinton and 0bama from two different parts of the US, but the same type lowlifes.

[greyfoxx39]

Clean up the tagline.